Corning Incorporated · Common stock · Corning, New York

A 175-year-old glassmaker, rewired for AI data centers.

Corning makes specialty glass, ceramics and optical fiber. AI data centers are now the engine: Optical Communications sales rose 44% to $2.38B last quarter, and core sales already hit a $20.3B annual run rate, beating the end-2026 Springboard target a quarter early; the plan aims for $40B by 2030. The catch is the cost, with $1.3B of capex in nine months and a $2B share-sale program, and a stock that went from $255 to $124 and sits near $126 after the Q3 beat.

Last close · Oct 27, 2026

$126.30

Market cap

$109.0B

at current price

52-week range

$77–272

closing low / high

P/E (2027)

~29×

core EPS consensus $4.42 · GAAP trailing ~51×

Revenue TTM

Q4 2026 guide

$5.2–5.3B

core sales +19% · core EPS $0.96–1.00

Next earnings

Late Jan

Q4 2026 results and 2027 outlook

Price, last 12 months

Daily closes with the 50-day average. Corning nearly tripled from about $86 a year ago to a $255 close on Jun 29, then fell to $124 on Jul 29 after its Q2 report. After trading mostly between $143 and $170 from August to mid-October, it slid to $124 on Oct 22 and closed at $126 on Oct 27 after its Q3 beat.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.12

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions (GAAP net sales), with GAAP gross margin on the right axis. Corning's fiscal year is the calendar year. Corning guides on "core" sales, which use fixed or hedged currency rates and have run about $180–230M above GAAP sales in recent quarters ($226M in Q3 2026). The last bar is my GAAP estimate for Q4 2026: the $5.2–5.3B core guide minus that gap.

RevenueGross margin (right axis)Guidance

Q3 2026

$4.86B

GAAP +18% YoY · core $5.08B (+19%)

Optical Communications

$2.38B

+44% YoY · net income $532M (+80%)

Solar (incl. Hemlock)

$436M

+37% YoY · net loss $7M

Gross margin

37.3%

GAAP · core 40.5% (+150 bp)

EPS

$0.78

GAAP +56% · core $0.91 vs $0.88 est.

Q4 2026 outlook

$5.2–5.3B

core sales +19% · EPS $0.96–1.00 vs $0.93 est.

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

AI fiber demand

Enterprise Networks sales rose 84% and generative AI product sales more than doubled. Corning has multiyear supply deals with Meta (up to $6B), Amazon, NVIDIA and AT&T (over $3B), and management says new long-term deals share the cost and risk of added capacity.

Tailwind

Margins rising

Core operating margin rose 310 bp to 22.7% and core ROIC 330 bp to 16.7%. Optical net income grew 80%, faster than its 44% sales growth, and the Q4 guide calls for core EPS up about 36% again.

Watch

Solar ramp

Solar grew 37% to $436M but still lost $7M; the ramp is running slower than planned and the CFO says it drags on group margin for now. New US Section 232 trade action should help pricing on the way to a $3B-plus revenue stream.

Watch

Funding the build-out

Capex was $545M in Q3 and $1.30B in nine months, on track for about $2B this year. Adjusted free cash flow still reached $2.27B year to date, helped by customer prepayments, and a $2B at-the-market share program is in place.

Risk

High expectations

At about 29 times 2027 core EPS consensus, beats are not enough: the stock slipped 1% on a beat-and-raise quarter, after a 12% drop on the July guide. Truist cut its target to $175 on valuation while raising estimates.

Risk

Concentration and legacy units

The top two Optical customers were 28% of segment sales in 2025. Glass Innovations sales fell 3% to $1.51B as handheld demand weakens on memory prices, and Life Sciences and emerging businesses lost $28M on $290M of sales.

Calendar

Nov 13, 2026

Ex-dividend

$0.28 a share, paid Dec 11. The dividend has been flat since 2023.

Late Jan 2027

Q4 2026 earnings

Guide is $5.2–5.3B core sales and $0.96–1.00 core EPS, a run rate near $21B. Expect the 2027 capex plan; last year's report came on Feb 3.